Mr. Ryan King of Calibre reports

CALIBRE AND MARATHON ANNOUNCE COMPLETION OF PREVIOUSLY ANNOUNCED C$40 MILLION FINANCING OF MARATHON

Calibre Mining Corp. and Marathon Gold Corp. have closed the previously announced $40-million financing of Marathon. Pursuant to the private placement, Calibre acquired 66,666,667 common shares of Marathon at a price of 60 cents per share for aggregate gross proceeds to Marathon of $40-million.

As set out in the Nov. 13, 2023, joint news release of the parties, the private placement was completed in connection with the entering into by the parties of a definitive arrangement agreement dated Nov. 12, 2023, whereby Calibre will acquire all of the issued and outstanding Marathon shares pursuant to a court-approved plan of arrangement. Marathon intends to use the proceeds of the private placement solely to finance the development and construction of its Valentine gold project.

In connection with the private placement, Calibre and Marathon also entered into an investor rights agreement which contains certain investor rights granted by Marathon to Calibre, including, so long as Calibre holds 10 per cent or more of the outstanding Marathon shares: (a) registration rights and piggyback registration rights in favour of Calibre and the right for Calibre to nominate one director to the board of directors of Marathon, which rights are effective on the earlier to occur of: (i) the arrangement agreement being terminated in accordance with its terms; and (ii) 120 days following the closing of the private placement; and (b) equity and convertible debt participation rights to allow Calibre to maintain its pro rata interest.

Effective as of the closing of the private placement, Calibre owns 14.2 per cent of the issued and outstanding Marathon shares. Immediately prior to the closing of the private placement, Calibre did not own any Marathon shares. Calibre's acquisition of the Marathon shares in the private placement is for investment purposes only. Calibre has filed an early warning report in respect of its increase in ownership of the common shares of Marathon, which report is available under Calibre's profile on SEDAR+. For further information or to obtain a copy of the report, please contact Calibre.

About Calibre Mining Corp.

Calibre (Toronto Stock Exchange: CXB) is a Canadian-listed, America-focused, growing, mid-tier gold producer with a strong pipeline of development and exploration opportunities across Nevada and Washington in the United States, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities, Calibre will unlock significant value.

About Marathon Gold Corp.

Marathon (Toronto Stock Exchange: MOZ) is a Toronto-based gold company advancing its 100-per-cent-owned Valentine gold project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world.

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